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Uniroyal Global Engineered Products, Inc. Reports Financial Results for the First Quarter Ended April 4, 2021
Uniroyal Global Engineered Products, Inc. Reports Financial Results for the First Quarter Ended April 4, 2021.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\n SARASOTA, Fla., May 14, 2021 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) today reported its financial results for the first fiscal quarter of 2021 ending April 4, 2021. Financial Summary Net Sales of $21,896,001 increased 31.2% quarter-to-quarter and 3.6% versus pre-COVID-19 prior year periodNet Income was $1,036,001 versus $280,274 for first quarter of last yearNet Income per Common Share was $0.06 versus a loss of ($0.14) last year Overview The first quarter of fiscal 2021 marked a return to profitability for the Company as customers stepped up their production to meet heightened demand levels as COVID-19 related restrictions eased, particularly in the U.S. However, this quarter cannot be characterized as a return to normalcy as we continued to face challenges such as a significant increase in raw material prices. We raised prices late in the first quarter of this year which will help mitigate the cost increases, but the timing will benefit future periods more than the first quarter. Despite the challenges, we increased Net Sales sequentially for the third consecutive quarter which, when combined with a continued focus on operating efficiencies, lead us to a meaningful improvement in financial metrics. Gross Profit margins improved to 14.8% this quarter versus 12.9% for all of last year and Net Income this quarter was $1,036,001 versus a significant loss for all of Fiscal 2020. As business conditions normalize, we expect that our quarter-to-quarter results will lead to further improvement of our financial performance. Net Sales The first quarter of Fiscal 2021 continued to show quarterly sequential growth as Net Sales increased to $21,896,001 which represented an increase of 31.2% versus the previous quarter and an increase of 3.6% versus the pre-COVID-19 first quarter of last year. Globally, Automotive Sector sales were 64.0% of total Net Sales, increasing 5.4% as compared to the first quarter of last year. Our Industrial Sector sales were nearly equal to the pre-COVID-19 prior year period, representing 36.0% of overall Net Sales. Approximately 85% of our Industrial Sector sales are from our U.S. operations. Our technically based product lines were in sharp demand this quarter as major equipment and recreational vehicle manufacturers increased production levels to meet strong demand. Lagging ...